1. BITBILIHome
  2. Article

Binance initiates token burn and delisting for BUSD and TUSD pairs

• 56 views

TL;DR Breakdown

  • Binance burns idle Binance-pegged BUSD tokens across various blockchain networks.
  • The exchange will also be delisting trading pairs associated with TUSD (TrueUSD).
  • This move by the exchange comes as the exchange grapples with changes in the BUSD ecosystem.

Description

Cryptocurrency exchange giant Binance has taken significant steps in its ongoing process of disengagement from its stablecoin BUSD. The exchange announced a token burn for idle Binance-pegged BUSD tokens across various blockchain networks.  Additionally, Binance will be delisting trading pairs associated with TUSD (TrueUSD), another stablecoin traded on the platform. This move follows a series … Read more

Cryptocurrency exchange giant Binance has taken significant steps in its ongoing process of disengagement from its stablecoin BUSD. The exchange announced a token burn for idle Binance-pegged BUSD tokens across various blockchain networks. 

Additionally, Binance will be delisting trading pairs associated with TUSD (TrueUSD), another stablecoin traded on the platform. This move follows a series of previous announcements regarding the delisting of BUSD trading pairs, signalling a strategic shift for the exchange.

The exchange made this important announcement via its official Twitter account, stating the token burn will primarily affect the following Binance-pegged tokens:

  • TUSDOLD on the Binance Smart Chain (BSC)
  • BUSD on the Polygon (MATIC) network
  • BUSD on the Binance Smart Chain (BSC)
  • BUSD on the Binance Coin (BNB) chain
  • BUSD on the TRON (TRX) network

Binance token burn and collateral release

It’s worth noting that the exchange issues Binance-pegged tokens as a means to enable the use of tokens from various other blockchain networks within it’s ecosystem. Importantly, these tokens are created only after the platform holds a 100% collateral in the original token. For example, for every 100 B-USDC tokens, the exchange must possess 100 USDC as collateral, ensuring transparency and stability.

This move by the exchange comes as the exchange grapples with changes in the BUSD ecosystem. Paxos, the issuer of BUSD, ceased minting the stablecoin, prompting the exchange to reassess its strategy regarding BUSD. The exchange has been gradually delisting BUSD trading pairs, with eight pairs being removed from its platform earlier.

Community response and transparency

The platform’s community has responded positively to these developments, appreciating the transparency demonstrated by the exchange throughout this process. Transparency is a crucial element in maintaining trust and confidence within the cryptocurrency community.

In addition to these changes, the exchange has also updated its fiat liquidity provider program, offering rebates based on performance from the previous week. This move is in line with the exchange’s efforts to enhance its offerings and services for its users.

At the time of writing, BNB, the native cryptocurrency of the platform, is trading at $213.15, reflecting a minimal 0.04% decrease over the past 24 hours. It will be interesting to see how these developments impact the exchange overall ecosystem and its users in the coming days.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Binance initiates token burn and delisting for BUSD and TUSD pairs

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年9月15日 07:43
Next 2023年9月15日 09:19

Related articles

  • What if the BRICS and the SCO merge? – What then?

    TL;DR Breakdown The idea of BRICS merging with the Shanghai Cooperation Organization (SCO) has been suggested as a possibility by an Indian analyst. The resulting entity from such a merger would have more clarity, strength, and could influence the international stage significantly. Both BRICS and SCO have similar overarching objectives and their combination could be a powerful entity in global politics. Description Global geopolitics has long been a game of intricate chess, with power blocs rising and falling, forging alliances, and pushing their agendas. The current climate of international relations and global conflict – a setting that one Indian analyst boldly labels as the onset of World War III – presents us with a thought-provoking question: What … Read more Global geopolitics has long been a game of intricate chess, with power blocs rising and falling, forging alliances, and pushing their agendas. The current climate of international relations and global conflict – a setting that one Indian analyst boldly labels as the onset of World War III – presents us with a thought-provoking question: What would happen if the BRICS…

    Article 2023年8月8日

  • AI threatens Google and Amazon’s future – How?

    TL;DR Breakdown Bill Gates envisions a future where a personal AI agent could replace the need for search and ecommerce platforms like Google and Amazon. This AI assistant could be the product of either a tech giant or a pioneering startup, with companies like Inflection.AI showing promise. In a world where technology continues to evolve at an astonishing pace, AI’s capacity to revolutionize our everyday routines has the potential to put giants such as Google and Amazon in an unexpected predicament. Bill Gates, Microsoft’s co-founder, sheds light on how AI could be the driving force that redefines our interactions with these tech behemoths. A Revolution Led by AI Personal Agents Gates recently shared his insights at an event focused on AI, hosted by Goldman Sachs and SV Angel in San Francisco. He proposed a future where the leading AI entity will likely birth a personal digital agent. This AI assistant, yet to be conceptualized fully, would be equipped to comprehend individual needs and habits, executing tasks ranging from reading unread articles to managing productivity. This, Gates believes, could be a…

    Article 2023年5月24日

  • MetisDAO reveals post-exploit purchases invalidated after Poly Network breach

    TL;DR Breakdown MetisDAO identifies vulnerabilities in Poly Network and prioritizes transparency. The validity of METIS tokens is limited to pre-attack purchases from BNBChain addresses. Users are advised to exercise caution and protect assets amid security breaches. Description Metis, a renowned blockchain project, has recently made a shocking revelation about discovering and disclosing vulnerabilities in the Poly Network. Taking to Twitter, Metis informed its community that only METIS tokens purchased from BNBChain addresses before the attack and the initial sale of exploited METIS would retain their validity. To ensure accuracy, the Metis team … Read more Metis, a renowned blockchain project, has recently made a shocking revelation about discovering and disclosing vulnerabilities in the Poly Network. Taking to Twitter, Metis informed its community that only METIS tokens purchased from BNBChain addresses before the attack and the initial sale of exploited METIS would retain their validity. To ensure accuracy, the Metis team promptly took a snapshot of all BNBChain addresses holding METIS tokens following the security breach and the first token sale by the perpetrator. This decisive action exemplifies Metis’s unwavering commitment…

    Article 2023年7月7日

  • Hana bank leads South Korea’s quest for secure monetary solutions

    TL;DR Breakdown South Korean banking sector seeks secure alternatives to stablecoins and CBDCs. Hana Bank and Woori Bank actively participate in South Korea’s CBDC exploration. Regulators closely monitor stablecoins while embracing more stable CD tokens. Description The banking sector in South Korea has been actively exploring alternatives to stablecoins and Central Bank Digital Currencies (CBDCs) as they search for secure and efficient monetary options. Leading banks in the region have shown a keen interest in Certificate of Deposit (CD) accounts, indicating a growing trend towards blockchain-based monetary solutions proposed by the … Read more The banking sector in South Korea has been actively exploring alternatives to stablecoins and Central Bank Digital Currencies (CBDCs) as they search for secure and efficient monetary options. Leading banks in the region have shown a keen interest in Certificate of Deposit (CD) accounts, indicating a growing trend towards blockchain-based monetary solutions proposed by the central bank. Hana Bank, a prominent financial institution in South Korea, has internally decided to participate in the CBDC project initiated by the Bank of Korea. As part of this decision,…

    Article 2023年7月25日

  • AI Camera Catches Hundreds in UK Texting While Driving

    TL;DR Breakdown The UK deploys AI cameras on roads trained by Tech firm Ascensus to spot violations through clear images. AI camera checks for seatbelt and phone violations and flags offenders to deter risky behaviors on UK roads. UK success with AI camera prompts global interest and transforms road safety efforts and shapes responsible driving. Description In a pioneering effort to enhance road safety, the United Kingdom has introduced an artificial intelligence (AI) camera system on a major highway, which has identified approximately 300 individuals engaging in texting while driving. This initiative is part of a wider strategy by law enforcement agencies to mitigate traffic accidents. Devon and Cornwall Police’s road … Read more In a pioneering effort to enhance road safety, the United Kingdom has introduced an artificial intelligence (AI) camera system on a major highway, which has identified approximately 300 individuals engaging in texting while driving. This initiative is part of a wider strategy by law enforcement agencies to mitigate traffic accidents. Devon and Cornwall Police’s road safety head, Adrian Leisk, stressed that deploying this technology sends a…

    Article 2023年8月23日
TOP